beincrypto.com
Render (RNDR) price is at the peak of its bull run, marking a fresh all-time high over the past 24 hours. At a fundamental level, this is a bullish revival incident.
However, in the case of RNDR, this ATH might become a bearish reversal event. Will Render be able to withstand its bullish price momentum?
Render Price Rise Might Induce Heavy Selling
The Render price has been holding above the $10 mark for the past week, but this changed as the crypto asset rose by 27% and hit $13.83 in the last 24 hours. Not surprisingly, this unexpected rally resulted in the gains noted by RNDR holders surging.
Consequently, the investors are now looking to move their holdings out of their wallets and into exchanges. Profit-taking is likely to increase down the line as two major factors point in that direction exactly.
Firstly, the Mean Coin Age (MCA) of Render tokens has declined severely. This is the largest deviation noted by the on-chain metric in the altcoin’s history.
Mean coin age refers to the average age of all coins in circulation within a cryptocurrency network. It is calculated by dividing the total coin days by the total supply. This metric helps gauge the activity level and hodling behavior within the network.
A dip in MCA hints at investors shifting from hodling and moving their assets around. Considering a deviation like that of RNDR, investors are more than likely to sell their holdings.
The whales (non-exchange addresses) are already practicing this, given their recent move to minimize their assets. Nearly 2 million RNDR worth over $25 million have been reduced from their wallets in the last nine days.
This is significant since whale addresses dominate 50% of all RNDR supply, making their move impactful on the price.
RNDR Price Prediction: $10 Might Make a Comeback
Render price, trading at $12.92 at the time of writing, is slightly below the all-time high. However, market conditions suggest that RNDR might decline further. The altcoin has a high chance of falling to $11.50, which extends the 11% corrections and sends the crypto asset to $10.
However, the $11.50 support is in confluence with the 50-day Exponential Moving Average. This level forms a technical support floor, enabling RNDR to bounce back.
A recovery above $12 would thus invalidate the bearish thesis, bringing the Render price closer to an all-time high.